Milton Friedman - Questions For The Professor

[The6ChickMagnet]

I dont think friedman really ever understood that the Federal reserve was the underlying answer to all these problems and i think he may have realized this when he was really old and was probably super embarassed

[myhipsi]

Actually, Gold is a good hedge against inflation. It's not perfect, but its better than buying useless "stuff". With the exception of the gold correction in the early 80's, gold has steadily increased in value relative to dollars since the U.S. officially went off the gold standard in 1971.

[digidave10]

The great Milton Friedman!

[Hayleyfire929]

Fuck "Father Knows Best" Statism. I know what's best for ME, not some ruddy bureaucrats. If I have the same wants and needs to anyone in this comments box, I will be astounded.

[MrHamAndPrepper]

How can Phil Donahue still be so ignorant after getting schooled by this master ?

Theory:

Horse's Ass....Water.....Drink

Tested/Proven

[pookatim]

He isn't brilliant. He isn't a genius. He isn't magical. He is simply correct. When you have the truth on your side, you win.

[Siegetower]

I wish talk shows had discussion of this calibre today. Less Whoopi Goldberg, more Milton Friedman.

[Magzie01950]

We still have all the same problems only they have grown worse since this interview took place.. Government is our problem...

[adulby]

"People think the public at large are a bunch of stupid people, they're not!"

- Profound.

[K20ej88]

"Unfortunately there are no assets which you can confidently acquire with the expectation that they will provide you a hedge against inflation". Gold?

[Budvb]

@K20ej88 even better hedge would be farm land that you could put to work for you as well and make an income from too. Only so much land in the world.

[TheBullionBull]

@K20ej88 Yeah, this was in the late 70s and gold was still considered something that only right-wing kooks and Arab sheiks bought. I was thinking gold was the answer too!

[shammy1002]

Milton=God

[TacticalCitySlicker]

I like 90%of Milton's message.

Except that of his on the Fed and inflation. Which is the only reason he was so promoted by the media and mainstream intelligentsia.

[FrankiePoker]

@TacticalCitySlicker

JL3FT0O4kYg He died 6 months later I think..............

[FrankiePoker]

@FrankiePoker youtube.com/watch?v=JL3FT0O4kY­g

[TacticalCitySlicker]

@FrankiePoker Dead link...

[Aurini]

@TacticalCitySlicker He wasn't a perfect Austrian - I forget which school he followed, but it did have a couple of wacky left-wing ideas floating around in it. However his errors were no where near as destructive as the Keynesian model we ended up following.

I think if we could have made a decent attempt at trying his model, he would have been open to more right-wing ideas.

[TacticalCitySlicker]

@Aurini He was part of something called the "Chicago School of Economics". Which promoted economic liberty on the Micro but not on the Macro economic levels. So no small business tax and regulation. But he is for the federal reserve banking cartel and patents.

[mdotty42]

@TacticalCitySlicker He never supported the Federal Reserve. watch Milton Friedman- Abolish the Fed

[ToxinalX]

@TacticalCitySlicker He wanted to end the fed. I'ts on youtube. He was a libertarian, like Ron Paul, Ayn Rand etc

[TacticalCitySlicker]

@ToxinalX Link me to the video where he speaks out against the fed and advocates it's abolishment.

Kudo's if you can find it.

[ToxinalX]

@TacticalCitySlicker Sure thing.

/watch?v=JL3FT0O4kYg

[TacticalCitySlicker]

@ToxinalX Here's the unedited link...

/watch?v=uFsCuI3ts04

It starts at -32:00 & -40:44

"But that's not going to happen, don't kid yourself." - Friedman on the end of the FED

It's funny you should mention Ayn Rand. Friedman kind of reminds me of Dr Robert Stadler.

[ToxinalX]

@TacticalCitySlicker I can't look at it right now, but he said he thought it needed to be abolished didn't he ?

I mentioned Ayn Rand as well as Ron Paul. I could have mentioned any libertarian basically, that doesn't mean that they're all exactly the same.

[TacticalCitySlicker]

@ToxinalX Friedman is an economist from the "Chicago School" of economics Ron Paul, Ayn Rand, Murray Rothbard, Lew Rockwell. Ludwig von Mises, are all from the "Austrian School" of economics...

The main difference between the two schools is that the Chicago School is not consistent in it's call for economic freedom on the "Macro Economic" (Money, Tariffs, Eminent domain) while the Austrian School is.

For instance the Chicago School promotes the Carbon Tax along with the Koch's.

[ToxinalX]

@TacticalCitySlicker I know that there are some differences, but I have heard him both speak against tariffs and speak for increased competition in money.

And if I may say so, eminent domain is something which I am not exactly sure of myself, but I'm not sure wether I have heard Friedman talk about it.

[daPlumber702]

God how i wish he was still around. The world is worse off without him here.

[Killedkennyagain]

@daPlumber702 Naw, the world has David M. Friedman, the improved version.

[bungerman1000]

@LibertyPen Work only needs to be done when there is demand for it. My fundamental argument is that it seems an economic model that allows workers within a society to not afford society's basic necessities is an inherently faulty one.  We require menial workers for menial jobs for society to function, but not paying those workers a livable wage within that society that needs their labor is flawed. In a true open market, would these members of society gain enough $ to afford their necessities?

[sjustinb]

Bitter lady. Let's work harder to learn all of us.

[Hayleyfire929]

What the fuck, why is Zeitgeist movement the top related video to this!? They're a bunch of ultra-anti-capitalist anti-individualist hyper-technocratic communists who oppose free-markets so hard that Noam Chomsky looks like Murray Rothbard by comparison, Milton Friedman would look on them with scorn o.O

[rockinandout]

I like freedman, he's not an ideologue like Ron Paul, he has his philosophy but realizes that it must be achieved in steps

[bungerman1000]

Sure low skilled workers... just work for even lower wages, that you can't live on to get skills for higher wages that you still can't live on.

[fzqlcs]

@bungerman1000 Yes, some low skill workers like sitting home on a government dole, but not all. Others would embrace the opportunity at improving their lot through their own effort.

[bungerman1000]

@fzqlcs And still not be able to pay their bills in a society which needs their labor to function. How can a society ever function properly if the base paid labor needed, can't afford to live in said society?

[fzqlcs]

@bungerman1000 Just because people don't live within their means does not mean they cannot. Very few working people are homeless, but many who collect a government dole are. And, why is that so many poor people buy luxuries (cell phones, dish tv, etc) or have children they cannot afford? The answer is self-responsibility, not endless entitlements and restrictive work laws. Let low skill workers get their feet wet at a price which offers an employer value.

[bungerman1000]

@fzqlcs very few working people are homeless because they get government assistance like food stamps to offset costs. I''m talking basic necessities are unaffordable at minimum wage and if you don't know that then obviously you've never worked for that amount. And you want them to make even less?

And yes, those luxuries know as children can always be avoided by being responsible.... Put down the ideological bong and come live in the real world with the rest of us.

[fzqlcs]

@bungerman1000 What you do not seem to understand is that minimum wage is a barrier to low skilled workers. Since employers need work done and are not a charity, they will not hire those whose value is less than minimum wage. It is not ideology, it is simple reality. You may choose to live irresponsibly and beg from others for your survival. But that is not the way a self-respecting person would choose.

[bungerman1000]

@fzqlcs And what you don't seem to understand is the disconnect of a business that pays it's workers so little that they can't even afford anything that or any other thing a business sells.

""One's own employees ought to be one's own best customers," Mr. Ford said years later. "Paying high wages," he concluded, "is behind the prosperity of this country."" - Henry Ford

[fzqlcs]

@bungerman1000 As a county relief worker for several years, I can tell you that someone who worked 20 hours a week at $5 an hour would make more than our county dole for a single person ($218 a month) provided. They would gladly work at that rate if allowed to do so. Answer me this, why in a free society, why should I have to get the government's permission to hire you if we ourselves deem it mutually beneficial? The fact that one man cannot simply hire another is ridiculous.

[bungerman1000]

@fzqlcs the problem is that they work at minimum wage and still have to be on the dole now! How would working for less than that get them off the dole you speak of?

[bungerman1000]

@fzqlcs and the reason you ahve to get the governments permission is because people in places of power take advantage of workers, the worker has to work to eat and the employer can exploit him as he sees fit without laws. You know like, child labor laws, 40 hour work weeks, overtime?

[bsabruzzo]

@bungerman1000 Re: quotation from Henry Ford...

Remember that the wages of auto makers (welders, mechanics etc) are artificially high, forced by the unions and include health benefits and retirement. A job that could be done for $20/hr (well above minimum wage) is forced to $45/hr and above plus bennys.

Take those wages down and cars could be owned by lots of people.

So, cars are a bad example (even with the quote) in a minimum wage debate.

[bungerman1000]

@bsabruzzo they weren't artificially high for henry ford until he doubled wages himself.

[bsabruzzo]

@bungerman1000 "I''m talking basic necessities are unaffordable at minimum wage " but it is minimum wage that makes the cost of living go up...

Wages are a business expense. If a company making clothing has to pay more, the cost of clothing goes up and now costs too much for the employees to afford. Meanwhile other people can't get a job at all because wages are so high that, the company can afford fewer employees.

And can only make a few shirts, reducing income more.

[bungerman1000]

@bsabruzzo Please show me some data that minimum wage makes cost of living go up and not inflation. You act like wages are the only business expense. If other things cost more, rent, electricity, the clothing costs go up as well. There is no correlation.

[bsabruzzo]

@bungerman1000 "You act like wages are the only business expense" nope, not acting like it. But wages are a part of ALL businesses and raising them artificially make things more expensive and keeps people from being hired.

"You act like wages are the only business expense" True, but wages also effect the cost of electricity and rent.

[fzqlcs]

@bungerman1000 Just because people don't live within their means does not mean they cannot. Very few working people are homeless, but many who collect a government dole are. And, why is that so many poor people buy luxuries (cell phones, dish tv, etc) or have children they cannot afford? The answer is self-responsibility, not endless entitlements and restrictive work laws. Let low skill workers get their feet wet at a price which offers an employer value.

[bsabruzzo]

@bungerman1000 " needs their labor to function" I see a missing peice of info...

"the base paid labor needed, can't afford to live" Yup there was a jump.

If the people can't afford to live, they learn a new skill and move on to a new job. If there are people willing to work for $1/hr, wages will stay there. If a person won't work for that wage, the wage goes up.

And the guy making $1/hr gets his coworkers together and forms a new company with skilled people and new competition.

[bungerman1000]

@bsabruzzo In what reality do you live where low payed employees @ $1/hr can leave the fryer at McDonalds and get together with their buddies, get a loan from a bank and start a business?

[bsabruzzo]

@bungerman1000 "In what reality do you live where low payed employees @ $1/hr " In the simplifies world of EXAMPLEVILLE, where things are simplified for examples rather than made realistic using fractions and multiple variable calculus.

It's used to demomstrate a concept... much like the train leaving Boston at 8:45 and taveling at 150 mph...

Do you ask which train that was? No... It's an example.

[bsabruzzo]

@bungerman1000 "low payed employees @ $1/hr can leave the fryer at McDonalds" I never said that they got a loan or worked at McDs. In fact, most smart entrpenuers will work for $0 and go into debt if they have a good business example or can beat the competition.

Many will fail. But if they could hire a pet walker or babysitter for under "minimum wage" and there are people who would do it, why stop the transaction?

[jfcrow1]

That was 1979. Now 30 years later Milton is turning over in his grave.

[kjz28]

Thank you! This was posted on my birthday, I feel like it was a gift!

[UberFatManSam]

Great video, keep up the good work LibertyPen!

[HuxleyWasRight]

lazy people love the government, when people say "'the government should do this, that, the other" they're basically saying "i want someone else to deal with all the problems so i can go about my day".

[jrtnews]

I would love to see that kind of tv shows today!

[TheAetherspeak]

The Woman's views on paternalistic government says it all. It not only explains the things that have caused the current crisis it explains why we can't escape it. If Women the majority of Women viewed less government as a good thing there wouldn't be an increased demand for socialism in Gov. or The demand that they gain reimbursement for such personal decisions as bearing children by scapegoating Men and the Gov. with their burdens despite receiving sole divine right over themselves & child. .

[fzqlcs]

@TheAetherspeak It is an undeniable fact of history that America has made a sharp turn toward socialism once women gained the vote. Repeal anyone?

[zalida100]

Great video - very enjoyable - Thank v much. Very fine bit of editing.

[dreygore]

Forward to 8:50 for Milton's SOLUTION to restore economic health to the US!

1. Move to cut down government spending.

2. Restrained monetary policy.

3. Eliminate as many regulations as we can... Energy is top priority!

Added: Milton is not in favor of restoring a GOLD standard because the economic conditions are not the same as the 1920's.

In my opinion, switching to physical Gold & Silver is a viable alternative to out-of-control Government spending today.

[dreygore]

@dreygore Correction to Added statement.

Milton mentioned the 19th century not the 1920's.

[zalida100]

@dreygore "..Gold & Silver is a viable alternative to out-of-control Government spending today...."

24hgold. com/ english/ news-gold-silver-the-money-sup­ply-with-a-gold-standard.aspx?­article=3277516694G10020&redir­ect=false&contributor=Nathan+L­ewis

[zalida100]

@dreygore There are a couple of spaces in the link I posted - take out the spaces and it should work ok.

I suppose the simple reply to your gold standard statement, would be that you couldn't trust politicians just to play by the rules anyway. Also, the level of gov spending and welfare recipients etc requires gov to continue to increase printing. All these freebies would have to be cut in order to go to a gold standard. A better idea would likely be free competition in money

[dreygore]

@zalida100 Agreed. I think Gold and Silver and whatever other suggestions people have should be allowed to compete. Let the people decide what they want to use.

[zalida100]

@dreygore "..Let the people decide what they want to use..." Of course that would mean it'd be pretty difficult to finance a gov if you did that. e.g. when it came to fleecing/taxing time, some people choose to use cow shit as money and so politicians would have to steal cow shit from that person, and so on.

I guess this is 1 reason a gov would never allow competition in money. Could be interesting though :)

[dreygore]

@zalida100 Very funny example and I totally get your humor! Yeah, they would never allow competition of money... unfortunately.

[zalida100]

@dreygore Thanks :)

[Mezey5]

@zalida100 Thats what Hayek wanted.

[zalida100]

@Mezey5 Y'know I haven't read anything Hayek wrote. Someday I may take the time. I'd like to. I guess you mean he was for competition in money. I think most people would be surprised just how quickly society would become wealthy. (Thanks for reply)

[KayamaTakeru]

I would love to set up speakers and blare out the audiobook "Free To Choose" at congress and OWS and at the GOP primaries this year.

[trapedd]

This guy is amazing

[4thstuning]

Milton would be horrified by our government today....but he'd also say "I told you so!".

[Lunarisx718]

I would have loved to see Friedman in the current GOP Debates. While i love and support Ron Paul, he is not as articulate or as effective as Friedman.

[Iammram]

@Lunarisx718

Friedman also has more than 30 seconds to talk.

If you ever see Paul speak outside of debates, he is better, it's just hard to put a whole philosophy then explanation in 30 seconds to a minute max, hence, him stuttering or pausing at times.

[chudnovsky]

amazing.. he would have been best friends with Ron Paul

[dougfromeagan]

I have seen no one since Friedman, be so clear about these basic principles and do it in such a loving and understanding way.

[lAljax]

in 10:27 he says it all!

[roger767]

hmm looking at this video, the problems we had back then are the same problems we have now.

Unemployment, inflation, Rising medical costs and too much government intervention.

[mixmastermeeks]

@roger767 Reagan's 1964 speech at the Republican convention addresses the exact issues we deal with today. Socialized medicine, Social Security, education, national debt, balanced budgets..... it is amazing.

[lAljax]

if socialists could hear thenselves, there would be no socialists.

[BaptizedinFire]

Friedman in pwning mode is always a pleasure to see

[longlivecrow]

socialists pwned.